U.S. Movers: Esterline Technologies, Gordmans Stores, OmniVision, Carlyle

Mukesh Buch
31 Aug, 2012
New York City

Esterline Technologies reported quarterly loss. Gordmans Stores net jumped 21% on flat comparable sales. OmniVision net tumbled 95% and SAIC net plunged 38%.

[R]11:05 AM New York – Esterline Technologies reported quarterly loss. Gordmans Stores net jumped 21% on flat comparable sales. OmniVision net tumbled 95% and SAIC net plunged 38%.[/R]

Canadian Imperial Bank of Commerce ((CM)) increased 1.5% or $1.18 to $77.08 after the financial institution reported total revenue in the third quarter ending in July nearly flat to C$3.15 billion compared to C$3.13 billion in the same period of last year. Net income in the quarter jumped 42% to C$839 million or C$2 per diluted share compared to C$589 billion or C$1.33 per share a year ago.

The bank said return on common equity climbed to 21.8% from 17.1% compared to same period a year ago and Tier 1 capital ratio of 14.1%.

In a separate statement the bank said that it agreed to acquire Houston-based energy advisory firm Griffis & Small, LLC. The bank has not disclosed the terms but said the transaction is expected to close in the fourth quarter of this year.

The bank also intends to buyback up to 8.1 million common shares representing approximately 2% of CIBC''s 405,747,564 issued and outstanding common shares as of August 27. The bid would commence following TSX approval and end on or before September 6.

Esterline Technologies Corporation ((ESL)) climbed 9.2% or $4.92 to $57.86 after the aerospace and defense products maker reported net sale in the third quarter ending on July 27 climbed 19% to $485.9 million compared to $409.5 million in the same period of last year. Net loss in the quarter swung to $17.1 million or 55 cents per diluted share compared to net income of $37.7 million or $1.21 per share a year ago earlier.

The Esterline anticipates revenue for the full year between $1.95 billion and $2 billion representing the growth of nearly 15% and fourth quarter diluted earnings per share of $1.60 to $1.70.

Gordmans Stores, Inc. ((GMAN)) plunged 19.1% or $3.95 to $16.72 after the low-price retailer reported net sale in the second quarter ending on July 28 increased 10% to $128.2 million compared to $117 million in the same period of last year. Comparable store sales increased 0.1%.

Net income in the quarter jumped 21% to $3.5 million or 18 cents per diluted share compared to $2.9 million or 15 cents per share a year ago period.

The retailer said gross profit increased by 90 basis points or 45.8% of net sales over the same period of last year.

The company expects comparable store sales to increase in low single-digit for the second half and net sales to be between $624 million and $628 million and diluted earnings per share are in the range of $1.46 to $1.51.

OmniVision Technologies, Inc. ((OVTI)) gained 4% or 64 cents to $16.55 after the image-sensor device maker reported net sale in the first quarter ending in July slipped 7% to $258.1 million compared to $276.1 million in the same period of last year. Net income in the quarter tumbled 95% to $2.3 million or 4 cents per diluted share compared to $42 million or 68 cents per share a year ago period.

The company expects revenues for the second quarter 2013 will be in the range of $355 million to $390 million and GAAP net income per share between 6 cents and 22 cents per diluted share.

SAIC, Inc. ((SAI)) advanced 4.6% or 55 cents to $12.36 after the holding company reported revenue in the third quarter ending in July climbed 10% to $2.85 billion compared to $2.60 billion in the same period of last year. Net income in the quarter plunged 38% to $110 million or 32 cents per diluted share compared to $178 million or 50 cents per share a year ago earlier.

The technology company lifted revenue guidance for the fiscal year in the range of $10.9 billion to $11.4 billion and diluted earnings per share from continuing operations between $1.26 and $1.36.

In a separate statement, the company said its plan to separate into two independent publicly traded companies focused on enterprise clients and government clients.

The Carlyle Group L.P. ((CG)) gained 20 cents to $26.08 after the asset manager agreed to buy automotive and industrial coating division of Du-Pont for $4.9 billion in cash. The transaction is expected to close in the first quarter 2013.